National Bank of Georgia sells $60 mln at foreign exchange auction
As of today, 1 USD costs 3.2438 GEL, while 1 EUR costs 3.7761 GEL. Photo: Nino Alavidze/Agenda.ge.
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The National Bank of Georgia (NBG) sold $60 million at foreign exchange auction today.
The average weighted bid rate was 3.2439.
This was the 21st intervention this year and as of now the bank has sold $709.65 million in total.
NBG Head Koba Gvenetadze said back in mid-September that the central bank would sell more than $200 million by the end of this year.
He explained that the purpose of the interventions is not to control the lari's depreciation against the US dollar, but serves to supply foreign currency to the market.
I would like to remind you that Georgia has a floating exchange rate regime, which is an optimal choice for a small, open economy like ours. Interventions during the pandemic do not interfere with the market behaviour of the lari. The aim of the current interventions is to supply foreign currency to the market, said Gvenetadze back then.
As of today, 1 USD costs 3.2438 GEL, while 1 EUR costs 3.7761 GEL.
The National Bank of Georgia (NBG) sold $40 million at its foreign exchange auction today.
The National Bank of Georgia (NBG) sold $40 million during its foreign exchange auction today. The average weighted bid rate was 3.2173. This was the sixth intervention since September 10, 2020. During the past two months the NBG has sold $200 million.
The National Bank of Georgia (NBG) sold $30 million during its foreign exchange auction today. The average weighted bid rate was 3.2168. This was the fifth intervention since September 10, 2020. During the past two months the NBG has sold $170 million.
The financial system of Georgia was prepared to meet the shock of the Covid-19 pandemic and maintained resilience thanks to the financial stability policy that has been implemented in recent years, reads the National Bank of Georgia's (NBG) Financial Stability Committee report published today.
Georgian Finance Minister Ivane Machavariani said that the depreciation of the Georgian national currency, the lari, is caused by the current political tensions in the country.
The Business Association of Georgia announces that the current situation in the foreign exchange market is ‘alarming’ and requires a timely intervention as the devaluation of the national currency and an unstable exchange rate 'weaken economic activity and hinder investment activities'.
The National Bank of Georgia (NBG) sold $37.2 million during its foreign exchange auction today. The average weighted bid rate was 3.3169. This was the 22nd intervention this year and as of now the bank has sold $746.85 million in total.
The National Bank of Georgia sold $30 mln at foreign exchange auction today.
The National Bank of Georgia sold $40 million at foreign exchange auction earlier today.